Duties of Partner
Every partner has to carry on the
business of the firm to the maximum advantage of all the partners.
Every partner must be true, just and
faithful to one another. There must be utmost good faith and fair dealings.
A partner is bound to keep and render
true and full accounts of the partnership. He must produce relevant vouchers
for the expenses incurred by him and hand over to the firm all amounts which
have come into his hands as a partner.
Every partner must indemnify the firm
for any loss caused by his fraud or willful negligence in the conduct of the
Every partner is bound to share the
losses in the agreed ratio in the absence of an agreed ratio, it must be borne
Nopartner, includingamanagingpartner is
entitled to any remuneration (salary or commission), for the work done by him,
unless there is an agreement to the contrary.
The partnership property belongs to all
partners. But a partner should not use the partnership property for his private
No partner can carry on a competing
business. If he does so, he should surrender to the firm all profits earned by
him in such business. No partner is allowed to earn secret profit.
A partner must act within the scope of
No partner can assign or transfer
without the consent of all other partners his interest in the firm to any other
person so as to make him a partner thereof.